India

ED Raids At Various Locations In ABG Shipyard Fraud Case Of Rs 22,842 Crore -By ASC


Rishi Agarwal, former Chairman-MD of ABG Shipyard, is accused of defrauding the bank over Rs 22,842 crore.

New Delhi:

The Directorate of Enforcement or ED today raided several premises in Mumbai, Pune and Surat in connection with a money laundering investigation against ABG Shipyard Ltd in an alleged bank loan fraud case worth Rs 22,842 crore, officials said.

A total of 26 premises are being searched in these cities by federal agencies under the criminal section of the Anti-Money Laundering Act (PMLA), they said.

The Directorate of Enforcement had filed a money laundering case in February after reviewing the CBI FIR (case) against the former organizer of the shipbuilding company.

The CBI has indicted ABG Shipyard Ltd and its then chairman and managing director Rishi Kamlesh Agarwal along with others for allegedly defrauding a bank consortium of over Rs 22,842 crore.

It has also named then executive director Santhanam Muthaswamy, director Ashwini Kumar, Sushil Kumar Agarwal and Ravi Vimal Nevetia and another ABG International Pvt Ltd company on charges of criminal conspiracy, fraud, criminal breach of trust and abuse of official office under India. Penal Code (IPC) and the Anti -Corruption Act.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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